mREIT Dynex Capital Prices Fixed-to-Floating Rate Preferred–UPDATE

UPDATE–the OTC Grey Market temporary ticker is DXPBN. Thanks to Bob-in-Thailand for being on this.

Dynex Capital (DX) has priced their previously announced fixed-to-floating rate preferred.

The company is selling 4 million shares plus 600,000 for over allotment with an initial fixed rate of 6.90%. The coupon will float starting 4/15/2025 at the rate of 3 Month Libor plus 5.461%.

The issue is unrated and will be cumulative but not qualified.

The permanent ticker will be DX-C when it begins to trade on the permanent exchange.

Issue will trade OTC immediately, but the temporary ticker has not been announced as of this minute-we will post it when it is announced.

The company will redeem their DX-A 8.50% perpetual preferred with the proceeds of this new offering.

The pricing term sheet can be read here.

13 thoughts on “mREIT Dynex Capital Prices Fixed-to-Floating Rate Preferred–UPDATE”

  1. It is not available to trade at TDA. I can get a quote, and review the order but it won’t go through. I called in and the trade desk said I would have to wait a week!

  2. I can see it trading at Schwab- but can’t get it to trade online- that’s new.
    436k shares 24.90/24.98, was 24.72 to start, earlier saw 24.61

    1. I got it at schwab.com for some reason it’s available at the old site before streetsmart has it.

    2. For some reason, I saw a note to click on the “go to classic trade”- which I was in- then it worked & got mine- lost some $ with that screw-up. Schwab- you owe me!

  3. I’ve been expecting A to be called for quite a while–has had neg. YTC for years. I lost some nice dividends by selling almost all of mine several quarters too soon. Held on to 50 shares just to keep track of what I was losing. At least it was probably protecting my B (7.625% coupon), which is also well past call date.

  4. 6.9% is about as much as we could expect in today’s market. Probably open better than NRZ AGNC new issues.

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